Key Points
- PNC EVP Michael Duane Thomas sold 1,500 shares on June 12 at an average price of $238.14, totaling $357,210. After the sale, he still held 5,059 shares, a 22.87% reduction in his position.
- PNC shares were trading higher, opening at $234.71 and up 1.8% in the session cited. The stock has ranged from $172.88 to $243.94 over the past 52 weeks.
- Analysts remain broadly positive on PNC, with a consensus rating of “Moderate Buy” and an average price target of $246.72. Recent coverage included multiple buy or overweight ratings and raised targets.
The PNC Financial Services Group, Inc (NYSE:PNC - Get Free Report) EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
The PNC Financial Services Group Trading Up 1.8%
NYSE:PNC opened at $234.71 on Wednesday. The PNC Financial Services Group, Inc has a 52-week low of $172.88 and a 52-week high of $243.94. The stock's 50 day moving average price is $221.67 and its 200 day moving average price is $216.86. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $94.25 billion, a PE ratio of 13.64, a P/E/G ratio of 0.96 and a beta of 0.92.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The company had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. During the same period last year, the firm earned $3.51 EPS. The firm's revenue for the quarter was up 13.1% on a year-over-year basis. On average, research analysts anticipate that The PNC Financial Services Group, Inc will post 18.79 EPS for the current year.
The PNC Financial Services Group Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 39.51%.
Analyst Ratings Changes
Several research firms have recently commented on PNC. Stephens began coverage on The PNC Financial Services Group in a report on Monday. They issued an "overweight" rating and a $265.00 price target for the company. Citigroup raised their price target on The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a report on Friday, May 8th. JPMorgan Chase & Co. raised their price target on The PNC Financial Services Group from $237.50 to $238.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. Jefferies Financial Group began coverage on The PNC Financial Services Group in a report on Thursday, March 26th. They issued a "buy" rating and a $250.00 price target for the company. Finally, Oppenheimer raised their price target on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $246.72.
Check Out Our Latest Research Report on The PNC Financial Services Group
Hedge Funds Weigh In On The PNC Financial Services Group
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock worth $8,114,168,000 after purchasing an additional 408,464 shares during the last quarter. State Street Corp increased its position in The PNC Financial Services Group by 0.4% during the fourth quarter. State Street Corp now owns 17,319,434 shares of the financial services provider's stock worth $3,615,085,000 after buying an additional 77,302 shares in the last quarter. Capital International Investors increased its position in The PNC Financial Services Group by 10.2% during the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock worth $2,491,819,000 after buying an additional 1,101,055 shares in the last quarter. Norges Bank purchased a new position in The PNC Financial Services Group during the fourth quarter worth $1,967,080,000. Finally, Geode Capital Management LLC increased its position in The PNC Financial Services Group by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider's stock worth $1,841,387,000 after buying an additional 30,078 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.
About The PNC Financial Services Group
(
Get Free Report)
The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.
PNC's core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.
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